Buyers opt for homes that redefine living experiences
The luxury housing market in India is evolving beyond just offering homes, says Nishant Deshmukh, Founder and Managing Partner of Sugee Group.
“It is about curating an unparalleled lifestyle that resonates with the aspirations of discerning buyers,” he added in a market report released on 2 Dec in Mumbai.
Vikas Sutaria, Founder of Iraah Lifespaces, elaborated, “We believe luxury is not just owning a premium property but about curating an experience that elevates one’s lifestyle. The growing demand in India’s luxury housing market reflects a shift in consumer aspirations, with homebuyers seeking more than just a home.”
Anil Mutha, Chief Visionary and Co-Founder of Nandivardhan Group, underlined, “The rise in luxury housing in South Mumbai signifies a transformation in buyer aspirations, where opulence seamlessly blends with heritage and modernity.”
Umesh Jandial, Chief Business Officer, Omkar Realtors & Developers further underscored, “The growing demand for luxury homes reflects a significant transformation in consumer behavior, driven by a preference for quality and exclusivity. This surge in interest highlights how homebuyers today are willing to invest in homes that redefine living experiences, offering bespoke amenities and a sense of community.”
These industry stalwarts reflected on the luxury housing market in India which is witnessing a remarkable surge, driven by a growing preference for exclusivity, enhanced lifestyles, and premium living spaces, despite global economic uncertainties.
They shared market trend in comments on a report that the demand for high-end properties in India has shown resilience, underscoring the confidence of affluent buyers in the long-term value of premium real estate.
Recent data from CREDAI-MCHI reveals an 18% increase in total sales value across India’s top seven property markets, amounting to Rs.279,309 crore in the first half of FY 2024-25. Notably, this growth comes despite a 3% dip in the number of units sold, highlighting a clear shift in consumer preference toward luxury homes.
The average price per home has risen sharply to Rs.1.23 crore, compared to Rs.1 crore during the same period last year.
“Luxury housing in India is no longer confined to the idea of owning a premium property; it is a gateway to an elevated lifestyle. We see a strong and consistent demand for high-quality homes that blend modern design with functionality and exclusivity,” Vedanshu Kedia, Director, Prescon Group said.
“With a focus on location, innovative design, and world-class amenities, we aim to redefine urban living while ensuring enduring value for buyers through our luxury projects. Our flagship projects in Mumbai and Goa embody this ethos, creating spaces that resonate with the aspirations of the modern homebuyer,” Kedia said.
The luxury housing market in India is no longer just about homes—it’s about crafting lifestyles, experiences, and legacies. As the segment continues to evolve, it remains a lucrative and aspirational investment avenue, setting new benchmarks in real estate, said the report.
According to a report titled ‘India Market Monitor Q3 2024 – Residential’ by CBRE South Asia Pvt Ltd, sales of luxury units priced above Rs.4 crore rose by 37.8% YoY during Jan-Sep 2024. In terms of quantum luxury residential unit sales, Delhi-NCR topped with sales of around 5,855 units, a 72% Y-o-Y increase, followed by Mumbai at around 3,820 units, recording 18% Y-o-Y growth, the CBRE report noted.
Cities like Mumbai, Delhi-NCR, and Bengaluru have emerged as frontrunners in this segment. Mumbai Metropolitan Region (MMR) maintained its leadership in premium property sales, with a stable average ticket size of Rs.1.47 crore and a 2% growth in sales value to Rs.114,529 crore, followed by Delhi-NCR and Bengaluru. Other cities like Hyderabad, Chennai, Pune, and Kolkata also registered substantial increases in average ticket sizes, showcasing the nationwide demand for premium housing.
Developers are increasingly catering to this shift in buyer preferences by introducing unique, high-end projects. Data from Anarock suggests that holiday homes, farmhouses and villas have seen a rise in demand, particularly among buyers seeking spacious properties that can accommodate remote work setups and long-term investments. Approximately 25% of luxury buyers are investing in holiday homes, while 20% prefer farmhouses.
The market report was released in a press release format by Mumbai’s Ezipp International, a Micro enterprise. Fiinews.com
